DLocal price target lowered to $10.50 from $17 at Citi

Citi analyst Gabriel Gusan lowered the firm’s price target on DLocal to $10.50 from $17 and keeps a Neutral rating on the shares. The firm says the company’s Q1 results heightened its concerns on the investment case. DLocal posted a large miss and its annual guidance has a “remote chance to be delivered” and is likely to be reviewed with the Q2 report, the analyst tells investors in a research note. Citi says that despite the stock’s recent selloff, DLocal’s valuation remains unattractive.